Track the offering's completion rate given no minimum; a smaller raise would significantly impair trial funding and increase dilution risk. The stock may be volatile around pricing and enrollment updates for the confirmatory study.
Executive Summary
CEL-SCI filed Amendment No. 1 to its S-1 for a best-efforts offering of up to 4,885,993 shares at $3.07/share, with net proceeds estimated at $13.7M to fund the confirmatory Phase III trial of Multikine. The company has no revenue, a net loss of $25.4M in FY2025, and a going concern doubt, though it highlights strong Phase III survival data in a target head and neck cancer population.
Key Facts
- Best-efforts offering of up to 4,885,993 shares plus pre-funded warrants at $3.07/share
- Estimated net proceeds of $13.7M to fund Multikine development and general corporate purposes
- No minimum offering amount; may raise significantly less than maximum
- No revenue; net loss of $25.4M in fiscal year ended September 30, 2025
- Cash and cash equivalents of $6.3M as of December 31, 2025
- Phase III data shows 73% 5-year survival in target population vs 45% control; hazard ratio 0.35
- FDA allowed confirmatory 212-patient study; enrollment to begin after capital raise
- Material weaknesses in internal controls and substantial doubt about going concern
Financial Impact
Underwritten offering up to $15M gross; net proceeds ~$13.7M; immediate dilution of ~$1.16/share for new investors
Risk Factors
- Best-efforts offering may raise minimal capital, delaying Multikine confirmatory trial
- No regulatory approvals, long timeline to potential commercialization
- Going concern uncertainty requires additional financing
- Dilution from offering and future equity issuances
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001654954-26-004295 |
| Document: 0001654954-26-004295-index-headers.html | 0001654954-26-004295 |
| Document: 0001654954-26-004295-index.html | 0001654954-26-004295 |
| Document: 0001654954-26-004295.txt | 0001654954-26-004295 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 16, 2026 18w ago | 8-K | $1.10 $1.04 | ▲ +5.45% | ▲ +6.23% | $1.59 (−44.55%) |
Jun 15, 2026 19w ago | 424B5 | $1.01 $1.10 | ▼ −8.91% | ▼ −10.16% | $1.59 (−57.43%) |
May 14, 2026 23w ago | 8-K | $1.43 $1.72 | ▲ +20.28% | ▲ +20.34% | $1.59 (+11.19%) |
May 13, 2026 23w ago | 8-K | $1.30 $1.43 | ▼ −10.00% | ▼ −11.23% | $1.59 (−22.31%) |
May 1, 2026 25w ago | S-1/A | $1.69 $1.74 | ▲ +2.96% | ▲ +2.16% | $1.59 (−5.92%) |
Apr 17, 2026 27w ago | S-1 | $3.94 $3.81 | ▼ −3.30% | ▼ −2.65% | $1.59 (−59.64%) |
US Market Status
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